South Korean court dismisses arrest warrant for Do Kwon’s aide

According to local news, the South Korean District Court has dismissed an arrest warrant issued against Terraform Labs Yoo Mo’s general manager. union.

Yumo, who was Do Kwon’s aide, was arrested early on the 6th according to an arrest warrant issued on the 5th.

Mo was accused of using bots to inflate the price of LUNA tokens and of violating capital market laws.

Judge Jin-pyo argued that because LUNA is not classified as a security under Korean law, Mo may not have violated capital market laws.

“There seems to be a legal dispute as to whether LUNA Coin is an investment contract security under the Capital Market Law.”

After questioning Do Kwon’s aide, Judge Jin Pyo moved to dismiss the arrest warrant against him, saying, “It is difficult to understand the necessity and significance of the arrest.”

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